今日（9.4）早盘，沪指跌超1%，科创50跌超5%。市场震荡环境下，业绩相对稳健、估值性价比更高的品种或受到资金关注。以兼具消费和医药属性的中药 板块为例，中药ETF（560080）小幅回调0.54%，成交额已超4400万元，场内溢价坚挺，反映资金或逢跌布局！资金面上，尽管中药ETF（560080）此前已 连跌2日，但却连续3日获净流入超3000万元，资金逢跌布局意图明显！ 【中药ETF（560080）年初以来行情走势&成交额变化】 板块估值方面，中药板块动态市盈率居2021年以来低位。截至2025年9月3日，中证中药指数市盈率TTM为25.75x，仍在2021年以来低位。 中药ETF（560080）标的指数热门成分股多数飘绿，云南白药、华润三九跌超1%，片仔癀、同仁堂、东阿阿胶微跌。 费用端保持平稳，现金流有所改善。2025H1中药板块期间费用率中位数为44.5%，较2024年同期上升1.5pp；销售费用率中位数为31.6%，较24年同期下降 0.1pp，费用端基本稳定。截止2025H1中药板块应收账款+应收票据/总收入、存货/总资产分别为48.8%、12.3%，应收账款占总营收比重较2024年同期有所提 ...

OTC需求偏弱，药店渠道变革有望倒推集中度提升。该行统计了以OTC品种为主的22家中药企业上半年 核心经营数据，25Q2营收、扣非净利润中位增速分别为-7.6%、-19.7%，环比Q1降幅扩大，相较中药板 块整体，OTC企业经营端压力更为明显。米内网数据显示，2025年上半年中国实体药店零售规模(药品 +非药)为2961亿元，同比下降2.2%，亦映证了OTC需求偏弱。该行认为，虽然短期需求承压，但零售药 店的出清有望倒推上游OTC集中度加速提升。华润三九（000999）的感冒灵颗粒市场份额从2024年的 22.79%提升至2025Q1的24.34%，江中药业（600750）的健胃消食片从2024年的8.35%提升至2025Q1的 9.62%，头部OTC品种的市场份额正在持续提升。 中泰证券（600918）发布研报称，随着前期囤积的高价药材消化完毕，2025H2中药板块成本端的压力 有望逐渐缓解、迎来毛利率的向上修复。该行表示，OTC需求偏弱，企业经营端压力依然存在，但品牌 OTC市占率提升逻辑强化，看好具备品牌和渠道优势的OTC龙头。同时，部分中药公司持续加大研发投 入、创新管线有望得到重估。 风险提示：原材 ...

业绩短期承压，静待需求回暖 ——中药板块 2025H1 总结 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 分析师：孙宇瑶 执业证书编号：S0740522060002 Email：sunyy03@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 69 | | 行业总市值(亿元) | 9,665.10 | | 行业流通市值(亿元) | 9,399.20 | 静待行业拐点》2024-11-19 中药Ⅱ 证券研究报告/行业专题报告 2025 年 09 月 02 日 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | （元） | 2023A | 2024A | 2025E | 2026E | 202 ...

Summary of Jiangzhong Pharmaceutical Conference Call Company Overview - **Company**: Jiangzhong Pharmaceutical - **Industry**: Pharmaceutical Key Financial Performance - **Revenue Growth**: 2025 H1 revenue increased by 5.8% to 21.41 billion CNY, despite a 5.79% year-on-year decline in total revenue [2][4] - **Operating Cash Flow**: Increased by 29.07% to 652 million CNY [2][4] - **Profitability**: Total profit rose by 12.01% to 705 million CNY, with net profit attributable to shareholders increasing by 5.8% to 522 million CNY [4] Business Segment Performance - **OTC Business**: Revenue decreased by approximately 10% to 1.55 billion CNY [2][4] - **Health Consumer Products**: Revenue grew by 17.35% to 228 million CNY [2][4] - **Prescription Drugs**: Revenue increased by 7.44% to 360 million CNY [2][4] Strategic Focus Areas - **Core Business Segments**: Focus on OTC, health consumer products, and prescription drugs, driven by brand and innovation [2] - **Digital Transformation**: Emphasis on digital marketing and data analytics, including the introduction of AI tools for data processing [2][8] - **Talent Development**: Strengthening talent management and integrating resources to support innovation, with over 50% of the second incentive plan covering core scientific talent [3][10] Operational Initiatives - **Smart Manufacturing**: Advancements in smart manufacturing and lean management to enhance production efficiency [7] - **Marketing Strategies**: Strengthening online and offline channel collaboration, with a focus on e-commerce platforms like JD and Alibaba [5][12] - **Product Development**: Continuous innovation in product offerings, particularly in the health consumer segment [6][21] Future Outlook - **2025 H2 Plans**: Continued focus on value creation and brand-driven growth, with an emphasis on new product development and market expansion [11][19] - **Market Adaptation**: Strategies to adapt to market pressures, including effective cost management and exploring external growth opportunities [17][18] Additional Insights - **Digital Marketing**: Enhanced digital marketing efforts to reach younger demographics and improve brand recognition [20] - **Product Positioning**: Adjustments in product positioning and pricing strategies to attract a broader consumer base [22] - **Long-term Goals**: Commitment to high-quality development and shareholder value creation as part of the transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" [23]

江中药业股份有限公司2025 年半年度报告 公司代码：600750 公司简称：江中药业 江中药业股份有限公司 江中药业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘为权、主管会计工作负责人周违莉及会计机构负责人（会计主管人员）王巧 琳声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度利润分配预案为： 以本次分红派息的股权登记日公司总股本为基数，向分红派息股权登记日登记在册的股东， 每10股分配现金红利5元（含税）。若以2025年半年度末公司总股本634,996,022股为基数计算，每 净利润的60.78%。本次利润分配派发现金红利的实际总额将以实际有权参与股数为准计算。 在实施权益分派的股权登记日前，因股权激励授予股份回购注销等致使公司总股本发生变动 的，公司拟维持每股分配金额不 ...

江中药业股份有限公司2025 年半年度报告摘要 公司代码：600750 公司简称：江中药业 江中药业股份有限公司 江中药业股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司2025年半年度利润分配预案为： 以本次分红派息的股权登记日公司总股本为基数，向分红派息股权登记日登记在册的股东， 每10股分配现金红利5元（含税）。若以2025年半年度末公司总股本634,996,022股为基数计算，每 净利润的60.78%。本次利润分配派发现金红利的实际总额将以实际有权参与股数为准计算。 在实施权益分派的股权登记日前，因股权激励授予股份回购注销等致使公司总股本发生变动 的，公司拟维持每股分配金额不变，相应调整分配总额。公司2025年半年度利润分配预案已经公 司第十届董事会第七次会议审议通过，尚需公司股东大会审议。 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所 江中药业 600750 东风药业 联系人和联 ...

当前位置：首页> 政府信息公开（资源库）> 政府信息公开目录> 区市场监督管理局> 重点领域信息公开> 市场监管> 食品药品监管> 监督检查 | 蒙号 | 311392064/2024-77186 | 公开方式 | 主动公开 | | --- | --- | --- | --- | | 公开范围 | 面向社会 | 公开时限 | 长期公开 | | 发布単位 | 区市场监管局 | 发文日期 | 2024-12-16 | 2024年临安区药品抽样结果公示-第二批 今日临安 魅力临安 政务公开 政务服务 政長宣列 量 请输入关键字 日期：2025-05-16 11:02 来源： 浏览量：4 | | | | 店 | 格 | | --- | --- | --- | --- | --- | | 16 SCY2433010072 十滴水 | 230207 | 广东南国药业有限公司 | 杭州临安吴越老百姓大药房有限公司板桥 | 合 | | | | | 店 | 格 | | 17 SCY2433010073 小儿感冒颗粒 | 237056 | 华润三九（枣庄）药业有限公司 | 杭州临安吴越老百姓大药房有限公司板桥 | 合 | | | ...

Core Insights - Jiangzhong Pharmaceutical achieved a revenue of 4.435 billion yuan in 2024, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders was 788 million yuan, an increase of 9.67% [1] - The OTC segment showed strong demand with a revenue of 3.266 billion yuan, reflecting a year-on-year growth of 7.07% [1] OTC Segment Performance - Key products in the gastrointestinal field, such as the core product "Gastrointestinal Digestive Tablets," saw a double-digit revenue growth, with sales reaching 169 million boxes, up by 10.91% year-on-year [1] - In the throat and cough segment, core products like "Compound Fresh Bamboo Liquid" and "Compound Grass Coral Tablets" contributed to double-digit growth, with sales of "Compound Grass Coral Tablets" reaching 37 million boxes, up by 4.05% year-on-year [1] - The nutritional supplement segment saw a revenue of over 200 million yuan, with sales of "Multivitamin Tablets" at 12 million boxes, down by 10.30% year-on-year [1] Health Business and Prescription Drug Segment - The health segment reported a revenue of 345 million yuan, a significant year-on-year decline of 47.30%, attributed to intensified industry competition and restructuring efforts [2] - The prescription drug segment generated a revenue of 793 million yuan, down by 3.50% year-on-year, with the decline narrowing due to the consolidation of traditional Chinese medicine pieces [2] Profitability and Cost Management - The company's gross margin was 63.52%, a decrease of 0.51 percentage points year-on-year, with the OTC segment having the highest gross margin at 72.74% [3] - The sales expense ratio improved to 33.70%, down by 2.33 percentage points year-on-year, while the net profit margin increased to 17.77%, up by 1.99 percentage points year-on-year [3] Dividend Policy and Future Outlook - The company announced a cash dividend of 7 yuan per 10 shares, resulting in a cash dividend ratio of 55.86%, with an overall annual dividend ratio reaching 95.77% [3] - The company aims for double-digit growth in revenue and profit by 2025, supported by a dual-driven strategy of "internal growth + external expansion" [3][4]

Summary of the Conference Call for Jiangzhong Pharmaceutical Company Overview - Jiangzhong Pharmaceutical is a leading Chinese OTC (over-the-counter) pharmaceutical company, known for its well-established brands such as "Jiangzhong" and "Chuyuan" [10][24]. Key Financial Performance - **2024 Revenue**: 4.44 billion RMB, a decrease of 2.6% year-on-year [1] - **Net Profit**: 790 million RMB, an increase of 9.7% year-on-year, aligning with previous forecasts [1] - **Q4 2024 Revenue**: 1.31 billion RMB, a decrease of 0.8% year-on-year [1] - **Q4 2024 Net Profit**: 140 million RMB, an increase of 11% year-on-year [1] - **Dividend**: Total cash dividend of 750 million RMB, resulting in a 96% payout ratio and a 5.4% dividend yield [1] Business Segment Performance - **OTC Business**: Revenue increased by 7% year-on-year, impacted by a high base in the first half of the year [2] - **Prescription Drugs**: Revenue decreased by 3.5% year-on-year, affected by centralized procurement policies [2] - **Health Products**: Revenue saw a significant decline of 47.3% year-on-year due to business restructuring [2] - **Gross Margin**: Overall gross margin decreased by 0.06 percentage points to 64.0% [2] - **OTC/Health Products Gross Margin**: Increased by 1 percentage point to 72.7% and 0.6 percentage points to 37.7%, respectively [2] - **Prescription Drugs Gross Margin**: Decreased by 17.5 percentage points to 39.3% [2] - **Expenses**: Sales expenses decreased by 8.9%, while management expenses increased by 3.6% [2] Future Outlook - The company will hold a live earnings release conference on March 21 in Nanchang [3]. Valuation and Investment Rating - **Target Price**: 31.00 RMB, maintaining a "Buy" rating based on the SOTP (Sum of the Parts) valuation method [4][11]. - **Current Stock Price**: 21.93 RMB as of March 19, 2025 [5][24]. - **Market Capitalization**: 13.8 billion RMB (approximately 1.91 billion USD) [5]. Risk Factors - Key risks include: - Underperformance in OTC product sales [11] - Slower-than-expected progress in mergers and acquisitions [11] - Growth and margin improvements in the health business post-restructuring may not meet expectations [11] - Price volatility of key raw materials, particularly Taizishen [11] Additional Insights - The company has a projected stock price increase of 41.4% and a forecasted dividend yield of 3.9%, leading to an expected total return of 45.2% [9]. - The stock is rated as "Buy" with a significant upside potential compared to the market return expectations [19]. This summary encapsulates the essential financial metrics, business performance, future outlook, and investment considerations for Jiangzhong Pharmaceutical as discussed in the conference call.